Reported about 13 hours ago
Federal Reserve Governor Michelle Bowman highlighted the potential risks of artificial intelligence but urged caution in rushing to impose regulations that could stifle beneficial technological developments. In a speech, she noted that while AI could enhance efficiency, combat fraud, and improve credit access in finance, overly stringent regulations might push innovation outside the regulated banking system. She also indicated that AI could significantly impact monetary policy and economic data reliability, suggesting a balanced approach to regulation is essential for fostering growth while mitigating risks.
Source: YAHOO